Franklin Park Cinemas in Toledo, Ohio on July 7, 2010.
A Sylvania Township shopping complex is about to get a major makeover.
The Shops at Franklin Place shopping center on Monroe Street, better known as the Target shopping center, has been sold.
The buyer is Devonshire REIT, a real estate investment trust that plans to renovate and redevelop the center.
Devonshire REIT, of Whitehouse, said it paid $8.55 million for the 27.5-acre property, located at 5235 Monroe St. The deal was finalized today.
It bought the property from National Amusements, Inc., which has owned the property since the 1960s. It once operated a drive-in theater on the property, as well as the Franklin Park Cinemas, which closed in 2005.
A Devonshire official said the current tenants — Target, Golf Galaxy, OfficeMax, and Shoe Carnival — all have indicated they plan to remain in the center after it is refurbished.
The long-vacant theaters will be demolished and a new retail strip built in that area.
Devonshire officials said they have commitments from three retailers for the new part of the complex, as well as one who will take over the former Media Play store that is now vacant.